Smarter Logistics: Leveraging Technology to Unlock Cost SavingsDiscover how purpose-built logistics software can streamline your shipping process and improve efficiency.
Order fulfilment is a complex process at the heart of successful business operations. The complexities arise from tasks like managing inventory levels, coordinating with suppliers, optimising logistics, and meeting customer expectations promptly. Your organisation’s success relies on getting this process down to its simplest and cheapest form. The goal is to remove inefficiencies and find the most cost-effective distributors.
Use proven software to unlock cost savings
There are several ways to harness the power of technology and leverage innovative solutions to unlock efficiency and cost savings in logistics.
Automation and Integration
Integrating different systems and automating tasks within these platforms is pivotal in reducing costs during the order fulfilment process. For instance, integrating your advanced Enterprise Resource Planning (ERP) system with a freight booking platform creates a connected software ecosystem where inventory and shipping processes are closely interconnected. MYOB Advanced and MYOB Exo can be integrated with a freight solution like OpenFreight. This integration enables real-time data exchange between systems, eliminating the need for manual data entry and reducing the likelihood of errors. As a result, order processing becomes faster and more accurate across a range of freight management models.
The automation of tasks within these integrated platforms further enhances operational efficiency. Manual and repetitive tasks can be automated, such as data entry, inventory management, picking and packing, and order tracking. This automation frees up valuable human resources so your team can work on higher-level tasks and focus on growth and profitability. eveXso is a warehouse management system that can automate and streamline various operations between your sales and distribution networks.
From a financial perspective, every kilometre your inventory spends travelling to a customer matters. Software like TIG Freight, which considers route optimisation, enables companies to determine the most efficient route for their shipments. By assessing factors like traffic, weather, and road conditions, freight-integrated technologies can identify the quickest and most efficient path, reducing fuel costs. It also promotes timely delivery, improving client satisfaction.
Predictive analytics uses historical data and machine learning algorithms to predict future events. In the context of inventory, freight, and logistics, predictive analytics can get ahead of demand planning trends and thereby optimise inventory levels. For example, in the wake of pandemic restrictions, predictive analysis would anticipate that online orders would increase due to physical store closures. This insight enabled businesses to procure the appropriate inventory quantities. Integrating an add-on solution that uses predictive analytics with your ERP system enhances organisational efficiency and purchasing power in supplier negotiations. Predictive analytics provides valuable insights to prioritise stocks and avoid unnecessary ones, leading to improved pricing and reduced ordering costs, including shipping expenses.
Internet of Things (IoT)
The Internet of Things (IoT) refers to a network of physical objects, devices, software, and other items embedded with connectivity capabilities. These objects can collect and exchange data over the internet, enabling the integration of the physical and digital worlds. It creates a vast ecosystem where everyday objects can be interconnected and infused with smart functionality.
The Internet of Things can revolutionise supply chain transparency. Companies can track their freight in real-time by attaching IoT devices and sensors to shipments. This real-time data can be crucial for making snap decisions that can reduce costs, such as rerouting shipments to avoid delays.
Robotic Process Automation (RPA)
RPA involves using software robots or “bots” to automate routine tasks. In logistics, RPA is used for tasks such as invoice processing or tracking shipments, which can traditionally be time-consuming and prone to errors.
Smart contracts on blockchain platforms automatically execute contracts when predetermined conditions are met. In logistics, this is used to automate payments when receiving delivery. This streamlines transactions and reduces administrative costs.
Discover strategies to maximise warehouse productivity
Achieving optimal warehouse efficiency in a period of market decline is paramount; any inefficiency directly impacts your customers and bottom line. Taking the steps to maximise productivity now will position your company for success when the market improves. MYOB Advanced can support Wholesale Distribution organisations to improve efficiency with tailored, industry-specific functionality.
Watch the webinar recording to discover the strategies and processes to reduce errors, maximise productivity, and increase operational efficiency.
Demand Forecasting for Supply Chains
Accurate demand forecasting is an essential tool for companies to anticipate, adapt, and exceed the demands of both customers and the market. To achieve this, organisations must embrace advanced techniques to get ahead of market trends, optimise inventory levels, and ensure timely product availability to meet demand.
Watch our webinar recording to delve into how demand forecasting can transform your approach to building your inventory strategy.
Kilimanjaro Consulting is the premier implementing partners of MYOB Advanced and MYOB Exo across Australia and New Zealand. We are the experts at integrating third-party freight solutions into your MYOB ERP to improve efficiency. To start a conversation about how to improve your logistics strategy and unlock cost savings, email firstname.lastname@example.org, call 1300 857 464 (AU) or 0800 436 774 (NZ).